ANNUAL REPORT

80
28. Financial Times, “China GDP Data Show Services Growth Flagging,” July 19,
2016; Wang Yanfei, “Services Industry Contributes 54.1% of GDP in First Half,” China
Daily, July 16, 2016.
29. Gabriel Wildau, “China Services Sector Key to Growth,” Financial Times, December
6, 2015.
30. International Monetary Fund, “The People’s Republic of China: 2016 Article
IV Consultation: Selected Issues,” August 2016, 38; David Lipton, “Rebalancing China:
International Lessons in Corporate Debt,” International Monetary Fund, June
11, 2016.
31. Wendy Leutert, “Challenges Ahead in China’s Reform of State-Owned Enterprises,”
Asia Policy 21 (January 2016), 84.
32. Yuan Yang and Tom Mitchell, “China’s Private Sector Misses out on Credit
Boom,” Financial Times, July 3, 2016.
33. Gabriel Wildau, “China Deploys State Enterprises to Economic Stimulus Effort,”
Financial Times, June 21, 2016.
34. Financial Times, “China GDP Data Show Services Growth Flagging,” July 19,
2016; Elias Glenn and Shaloo Shrivastava, “China Second-Quarter Economic Growth
Seen Cooling to 6.6 Percent, Weakest in Seven Years,” Reuters, July 11, 2016.
35. Xinhua, “China’s SOE Profits Post Milder Decline,” July 25, 2016; Mark Magnier,
IMF Warns China of Risks of Mounting Corporate Debt,” Wall Street Journal,
June 12, 2016.
36. Communist Party of China Central Committee, Decision of the Central Committee
of the Communist Party of China on Some Major Issues Concerning Comprehensively
Deepening the Reform, November 12, 2013.
37. State Council of the People’s Republic of China, Guiding Opinion of the Communist
Party of China Central Committee and the State Council on Deepening the
Reform of State-Owned Enterprises, September 13, 2015. Staff translation.
38. Barry Naughton, “Two Trains Running: Supply-Side Reform, SOE Reform and
the Authoritative Personage,” China Leadership Monitor, July 19, 2016, 4; China Daily,
“China Unveils Economic Blueprint for 2016,” December 22, 2015.
39. Wang Yanfei and Xin Zhiming, “Supply-Side Reform ‘Needs a Big Push,’ ” China
Daily, May 19, 2016.
40. Study Times (Central Party School publication), “Xi Jinping: The Goal of
Reform Is Not Big Market, Small Government but Effective Government and Effective
Markets,” June 29, 2016. Staff translation. http://www.chanyeren.com/
baijiazhengming/chanyezhiku/haiwen/2016/06/29/6302.html.
41. Barry Naughton, “Two Trains Running: Supply-Side Reform, SOE Reform and
the Authoritative Personage,” China Leadership Monitor, July 19, 2016, 6–7; Chinese
officials, meeting with Commission, Beijing, China, June 24, 2016; and Xinhua, “Backgrounder:
What Is China’s Supply-Side Reform?” December 22, 2015.
42. Barry Naughton, “Supply-Side Structural Reform at Mid-Year: Compliance,
Initiative, and Unintended Consequences,” China Leadership Monitor, August 30,
2016, 1, 7.
43. Wall Street Journal, “Beijing’s Supply-Side Struggle,” May 17, 2016.
44. Christian Shepheard, “China Provinces Fall Short on Coal and Steel Capacity
Cuts,” Financial Times, August 19, 2016.
45. China-based U.S. analyst, interview with Commission staff, August 25, 2016.
46. Zhou Xin, “ ‘Don’t Wait, Waver, Hide or Hesitate’: Xi Jinping on ‘Supply-Side’
Reform,” South China Morning Post, May 16, 2016.
47. Xi Jinping, “Speech at the Specialized Study Session for Provincial and Ministerial
Important Cadres on Implementing the Spirit of the Fifth Plenum of the 18th
Congress,” People’s Daily, May 10, 2016. Staff translation. http://paper.people.com.cn/
rmrb/html/2016-05/10/nw.D110000renmrb_20160510_1-02.htm.
48. Gabriel Wildau, “China Injects Cash to Boost Growth and Counter Capital
Outflows,” Financial Times, February 29, 2016.
49. The People’s Bank of China via CEIC database.
50. Wang Xiangwei, “Xi Jinping’s Supply-Side Plan Now the Genuine Article of
Economic Reform for China,” South China Morning Post, May 16, 2016.
51. Chiun-Wei Yap, “5 Things to Know about China’s Second-Quarter GDP
Growth,” Wall Street Journal, July 15, 2016; Nathaniel Taplin, “China’s Money Rates
Drop Slightly after Q2 GDP Upside Surprise,” Reuters, July 14, 2016.
52. Cyril Moulle-Berteaux and Sergei Parmenov, “Asian Crisis Redux, Part II,”
Morgan Stanley, May 2016, 2.
53. Cyril Moulle-Berteaux and Sergei Parmenov, “Asian Crisis Redux, Part II,”
Morgan Stanley, May 2016, 2.
54. Bank for International Settlements, “Credit to the Non-Financial Sector,” September
18, 2016.